China has unveiled a guideline on improving the modern corporate system with Chinese characteristics, aimed at cultivating more globally competitive companies that can drive homegrown innovation and shape industrial upgrade.

According to the guideline jointly issued by general offices of the Communist Party of China Central Committee and the State Council, China's modern corporate system with Chinese characteristics is fundamentally rooted in the unwavering leadership of the Party, with clear property rights, well-defined responsibilities, separation of government and enterprise, and scientific management as its foundation.

Centered on improving corporate governance and fueled by reform and innovation, this system champions the spirit of entrepreneurship, aligning with national conditions, practical realities, and development needs, according to the guideline.

The guideline noted that over the next five years or so, China will work to help eligible enterprises broadly establish such a system to unleash the full potential of these companies in driving independent innovation, supporting industrial upgrading, and fulfilling social responsibilities.

By 2035, a sound system will be in place. The global competitiveness of Chinese enterprises will be significantly enhanced, laying a solid foundation for accelerating the development of world-class companies, the guideline said.

The guideline emphasized the need to promote the complementary development and mutual prosperity of business under all types of ownership.